BAE Systems has sponsored independent research company PAC’s report into the European insurance market. The report looks at how the established insurance carriers are responding to market changes due to digital disruption.
PAC’s research identifies key trends in general, life & pensions and composite markets and segments them according to European regions. It examines key digital strategies adopted by some of the leading players in the European insurance sector.
Following the unprecedented changes within the historical business models and products within the insurance sector, this report interviewed 200 senior CXO level decision makers across European insurance companies to discuss innovation in the industry.
Key stats from PAC innovation in insurance report:
- 70% of life & pensions insurers say legacy IT platforms are holding back innovation. What are the most effective strategies to escape the chains of legacy platforms and foster an innovative culture? Find out more with Accelerate to Digital.
- 84% of composite carriers view cloud as key to prototyping new digital services. How can the cloud help drive innovation – and how can security in the cloud be maintained? Find out more how to Reduce Risk.
- 71% of General Insurers see customer engagement improvement as a primary focus area for their innovation strategy. Discover how user centred design can make a difference to an organisation. Find out more with Creative & User Experience.
- 33% of European insurance companies say they are a highly innovative organisation. How can new digital platforms also be secure? Find out more about reducing risk and preventing Insurance Fraud.
Innovation is critical to the future of the insurance sector and BAE Systems is working with insurers to securely embrace change and drive their move to digital platforms. We see a user-centric design approach as fundamental to effective business change. Innovation needs to have the user as the key focus – to build trust and engagement – not only to offer them the services they need, but to protect against risk.